June 9, 2012, LAS VEGAS, NEVADA – Renewable Fuel Corp, Inc (RFC) an emerging producer and distributor of biodiesel and biodiesel blended fuels in the US and key global markets announced today that in conjunction with recent negotiations and a subsequent agreements with Oilcorp Berhad (Oilcorp) and through its wholly owned subsidiary Oilcorp International Limited, the Oilcorp Board of Directors issued an agreement worth $22 million as defined in the Circular to Shareholders.
The shareholders will meet to vote on the Circular within the next few weeks. This consent represents a major solution to the progress of RFC and cements the opportunity with Oilcorp to jointly proceed with biodiesel initiatives. Oilcorp is a diversified international corporation and is active in oil and gas, special projects, hotel, resort operation, property investment, and deep-sea fishing.
The strategic agreement between RFC and Oilcorp is seen as a critical opportunity to leverage the unique expertise of both companies in the area of green energy while creating opportunities for both companies, as well. RFC’s B100 biodiesel uses only renewable and sustainable agricultural feedstocks. It is manufactured in one of the world’s newest and most advanced facilities located in Kuantan, Malaysia. Biodiesel produced in this facility will offset growing demand for petroleum diesel by extending fuel supplies with 100% sustainable clean energy. As a green fuel, RFC biodiesel does not contribute to global warming and reduces carbon emissions.
[blockquote source=”- Sunny Ng Huat Tian, Group Managing Director of Oilcorp Berhad”]
“The ownership in RFC enables Oilcorp to have an important stake in the booming biodiesel industry in the US and key global markets. RFC is an emerging leader in the rapidly growing green energy industry, with its vertical upstream and downstream approach to biodiesel, they are better able to profitably leverage the market and take advantage of the worldwide requirement for green fuels, and this will enable Oilcorp to profit along with RFC.”
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[blockquote source=”- William Van Vliet, Chairman of Renewable Fuel Corp”]
“Oilcorp shares my vision for supplying the world with clean fuels and improving the environment. “We anticipate the Oilcorp shareholders will support this effort at the EGM which serves to advance RFC’s global presence. My goal is to be the leader in supplying the world with green and sustainable biodiesel. With Oilcorp shareholders support they are helping put us a step closer to fulfilling this strategy.”
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